“一带一路”倡议下国内统一大市场建设与中国企业对外直接投资

The Construction of a Unified National Market and Chinese Enterprises’OFDI Under the Belt and Road Initiative

国内贸易成本是影响发展中国家对外直接投资的重要因素,区域市场分割促使企业产生“制度逃逸”。基于非对称异质性企业理论框架,对国内统一大市场建设影响企业对外直接投资动因的作用机制进行研究;并利用2005—2022年中国企业向“一带一路”沿线国家对外直接投资数据,采用多项logit模型进行实证检验。理论研究发现,国内统一大市场建设抑制企业对外直接投资动机,资源错配程度改善和国内技术进步是其主要影响机制。实证研究发现,中国企业对“一带一路”沿线国家的对外直接投资行为存在“制度逃逸”现象,与行政边界效应正相关;相较于成本导向型对外直接投资,商品和要素统一大市场建设对不同类型投资动因的影响存在显著差异;省域市场间的资源配置优化是统一大市场建设影响中国企业对“一带一路”沿线国家对外直接投资的重要机制,技术进步的中介作用仅在商品市场中有所表现。

The cost of domestic trade is an important factor affecting the outward foreign direct investment(OFDI)of Chinese enterprises,while the regional market segmentation lead enterprises to escape.This paper bases on the asymmetric heterogeneity theoretical model to study the mechanisms by which the construction of a large unified domestic market affects enterprises’OFDI decisions,and uses the data of Chinese enterprises’OFDI to the countries along the Belt and Road from 2005 to 2022,and utilize multinomial logit model to carry out empirical tests.The theoretical research shows that the construction of a unified national market weakens the motivation of enterprises to invest abroad.The improvement of resource misallocation and the domestic technological progress are the mainly impact mechanism.The empirical study found that Chinese enterprises’OFDI to countries along the Belt and Road exists the phenomenon of“system escape”,which is positive correlated with the administrative border effects.Compared with the cost-oriented OFDI,the domestic goods and the unified factor market integration plays different roles on the various investment motivations.The optimization of resource allocation among provincial markets is an important mechanism for a unified national market to influence Chinese enterprises’OFDI to countries along the“Belt and Road”.The mediating effect of technological progress is only found in commodity markets.